Aim of bidding for small fields is to boost production:Pradhan

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PTI

July 14, 2016

UPDATED: July 14, 2016 13:05 IST

From Seema Hakhu Kachru

Houston, Jul 14 (PTI) Union Minister Dharmendra Pradhan said that the aim of the bid round for the upcoming auction of 46 discovered small gas and oil fields is to boost production and reduce the dependence on imports by 10 per cent by 2022.

The minister of state for petroleum and natural gas, who is visiting Houston to hold roadshows to promote bidding of oil fields, met top executives, lobbyist and Indian-Americans associated with oil and gas industry yesterday at a dinner here hosted by Council General of India, Houston, Anupam Ray.

Starting the first of the two planned roadshows here to auction 46 discovered small gas and oil fields, Pradhan said he is confident of receiving good response for blocks.

He said the aim of the bid round is to enhance the production of oil and gas, in compliance with the governments mission of reducing dependence on imports by 2022 by 10 per cent from the current 78 per cent, officials said.

India will seek participation of global oil and gas firms in its upcoming auctions for discovered small fields, as Pradhan will meet American oil and gas industry leaders during his week-long visit aimed at attracting FDI and new technologies in the Indian exploration and production sector.

Pradhan will seek cooperation from US oil and gas industry for infusion of new and innovative technologies and best practices for unlocking its indigenous hydrocarbon potential.

Earlier in the day, Pradhan inaugurated the Data Centre which can be accessed by all interested investors to view the technical data related to the small fields being offered under the upcoming bid round.

Chief executive officers (CEOs) of all big firms and personnel from embassies are likely to attend the launch of Discovered Small Fields (DSF), according to the DGH. PTI SHK ABH

This is unedited, unformatted feed from the Press Trust of India wire.

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